Korea to invest $103 billion to develop alternative energy

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SOUTH KOREA
- Korea has announced that it plans to invest $103 billion in the exploration and development of alternative energy in order to reduce its reliance on fossil fuels as well as its carbon-dioxide emissions by 2030.

The plan is part of Korean government's long-term energy strategy in which the country will place alternative energy as its main priority. Korea plans to reduce fossil fuel usage from 83% to 61%, and increase the use of alternative energy from 2.4% to 11%.

The plan includes solar power, wind power, bio power and geothermal power.

Private funds will account for about $70.5 billion of the total investment. Korea's Ministry of Knowledge Economy did not disclose further details. The government also plans to raise its energy self-reliance rate from 4.2% to 40%. According to statistics from September, because of the international oil-price hike, one-third of Korea's import volume is spent on energy products.